Series of VAT Town Hall Meetings begins Monday
ST. KITTS, OCTOBER 5TH 2010 (CUOPM) -The Inland Revenue Department begins a series of VAT meetings aimed at providing residents on the soon to be introduced Value Added Tax (VAT).
The town hall sessions which begin (today) Monday will be held throughout this month to answer questions and provide information on the concerns of residents.
The first two of 20 sessions was held Monday evening at 7 o clock at the St. Paul’s Community Centre and the Cayon Community Centre.
Sessions will be held at the St. Peters Community Centre and the Clarence Fitzroy Bryant College (CFBC) on Wednesday October 6th at 7 P.M.
Similar stakeholder meetings are scheduled for Sandy Point, New Town, Tabernacle, Challengers, Lodge, Old Road, Basseterre, Molineux, Newton Ground, Conaree, Saddlers, Half Way Tree, Keys, Dieppe Bay, Boyd’s and Mansion.
VAT – simpler and more efficient tax – replaces the following duties and taxes: Consumption Tax; Hotel and Restaurant Tax; Cable TV Tax; Vehicle Rental Levy; Insurance Premium Tax; Export Duty; Public Entertainment Tax; Lotteries Tax Act; Gaming Machine Tax; Traders Tax; Telecommunications Levy (on international direct dialed calls) and Parcel Tax.
A number of basic goods will be zero-rated in order to make them more affordable for consumers and the goods being considered for exemption of VAT were milk, infant formula, diapers, rice, sugar, and certain medicines for chronic diseases such as hypertension, diabetes, and cardiovascular disease, among other basic and important supplies.
The implementation of the VAT is in harmony with the eight-point stabilisation and growth programme for the Eastern Caribbean States agreed to in September of last year and is geared towards setting St. Kitts and Nevis on a stronger path for growth, development and economic stability. Several countries have already implemented.